(February 12, 2014) A Defined Contribution Length of Service Award Program (LOSAP) for volunteer firefighters is now available through VFIS and Glatfelter Specialty Benefits.
Under this program, a fire department or sponsor can contribute either a set amount on behalf of each firefighter or a lump sum to be allocated among all active firefighters. Administrative fees can either be deducted from a member’s account or paid separately by the sponsor.
For the plan to be viable, the sponsor should consider a contribution of at least $300 per year per firefighter. Funds will be deposited into a Group Annuity Contract underwritten by Mass Mutual. The contract will provide:
- Guarantee of Principal.
- Minimum 3 percent interest guarantee.
- Benefit distributions at book value.
- Higher than guaranteed rates if earned.
VFIS and Glatfelter Specialty Benefits look forward to providing this valuable program!
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